Motor insurance costs twice as much for young men
Thursday, 25 Sep 2008 16:21
Motor insurance costs twice as much for young men
Car insurance premiums for young men are now around twice that of women, the latest figures show.
Research from broker AA Insurance shows premiums for newly qualified young male drivers have continued to rise, while they have been falling for women.
The AA has calculated the average quote for a 17-year-old man driving a three-year-old Ford Focus CL 1.4-litre five-door in Cambridge is £3,462, while the same quote for a 17-year-old woman is £1,810 – almost half the amount.
Once the same driver hits 21, the quote falls to £565 for a man and £333 for a woman.
However, the high cost of insurance is reflected in accident statistics, the AA said.
Figures from the Department for Transport show the number of car drivers killed or seriously injured in accidents continues to fall, despite rising traffic levels.
Yet nearly a third (29.1 per cent) of those are accounted for by under-25s, compared with 25 per cent in 2000. Young men account for almost two-thirds (63.4 per cent) of this toll.
Simon Douglas, director of AA Insurance, said: "Insurance premiums are based on claims experience and the unfortunate facts are that men aged under 21 are ten times more likely to have an accident than men aged 35 or more but young women are only five times more likely to have an accident than women aged 35 or over.
"The average car accident insurance claim for a young male driver is just under £4,500 compared to £2,700 for their female equivalent. For drivers aged over 30, the average cost is £1,400 for men and £1,200 for women."
The AA recommends young drivers choose a less powerful car and drive sensibly to take advantage of a no-claims discount after a year.